The ranking of AVERAGE is assigned to Specialized Loan Servicing LLC (SLS) as a Residential Subprime, Special, and Subordinate Lien Mortgage Loan Servicer. The outlook is positive. The rankings reflect the company's experienced management team, solid internal controls and risk management, dedicated, extensive, and comprehensive training programs, thorough and well developed policies and procedures, default management expertise, a robust level of automation, and effective use of technology. The AVERAGE rankings are also reflective of SLS' limited operational history (nearly three years). The metrics used for this evaluation were provided by SLS through Standard & Poor's Ratings Services' SEAM questionnaire. SLS has an impressive level of automation and strong management team. Additionally, its default management expertise allows it to continue to
